What Drug Dealers Can Teach us About Getting Rich

Jeez! These days you can’t throw a stone without hitting a pharmacy. Driving down the suburban streets on the outskirts of Boston, commercial districts are a pattern of McDonald’s, Dunkin’ Donuts, Pharmacy, McDonald’s, Dunkin’ Donuts, Pharmacy, and repeat again. Stores like CVS, Walgreens, and Rite Aid seem to bookend each street. Superstores like Target and Walmart vie for your prescriptions at their in-house pharmacies, and now most grocery stores do the same. What the heck is with all the pharmacies? Are we really that sick?

I’m about to share with you an amazing truth about pharmacies. If you are an entrepreneur, you will wonder how you ever managed without the Pharmacy Phenomenon.

Here it is…. PHARMACIES ARE CASH COWS! Not because there is mucho moula in selling drugs. No, pharmacies are cash cows because they lure people into stores for something they NEED, so that they leave the store with additional stuff they WANT.

Stores like Target offer incentives like $20 gift cards to get you to switch prescriptions to their pharmacy. Why? Rarely will you leave with JUST your prescription. By the way, did you ever notice where the pharmacy is located within any of these stores? Right! Way, way, way, in the back of the store. You are herded through long aisles like livestock so that you will hopefully pick up stuff you want along the way. Hungry? You’ll pass by chips, cookies, and soft drinks on your trek back to the pharmacy. Need a birthday card? You’ll pass those too. How about diapers? If you’ve got your kid with you, you can bet your bottom dollar you will end up passing by toys and candy too.

Retailers know that consumers are weak. Savvy consumers steer clear of stores as much as possible, knowing it can be a costly encounter. However, there’s one thing we all occasionally need, medication, and retailers use your prescription as their fishing line to reel you into their clenches.

What can savvy entrepreneurs learn from this?

1. Attract Clients With Need, Then Sell them What they Want: Whether it be online, retail, or service, you will increase sales if you can figure out how to attract new clients by providing them something they need, and while they are visiting, take the opportunity to sell them what they want. For example, let’s say you are in the real estate business. How could the Pharmacy Phenomenon work for you? Take a look at your website? What do you offer on your website that a potential client HAS TO HAVE? It must be something that they need. Perhaps many clients really need a detailed school report outlining all the schools in the immediate area and comparing them based on MCAS scores. If this is something clients typically need, then you should have a big, huge, loud button on your site that says “COMPREHENSIVE STUDY OF LOCAL SCHOOLS WITH TOWN BY TOWN COMPARISON CLICK HERE.” Now, the crucial part is that we want the opportunity to take them down our proverbial aisles, so we can’t just GIVE away that comprehensive one of a kind school report. No, we have to ask for something in return, namely their name, email address, and possibly where they live or where they are looking to move. The bottom line is, if we are giving something they need, we want the opportunity to sell them something they want.

2. What’s On Your End Cap? The end cap at a retail store is at the end of an aisle, and it’s set up to attract your attention. Retailers are strategic about what they sell on those end caps. It is where they call the customer to action. Here they place highly sale-able, extreme profit items. If there’s an approaching holiday, there will always be an end cap with those seasonal wares to alert you as to where the seasonal item aisle is. Often times there’s an end cap with highly salty foods like chips and pretzels, to attract buyers who need a quick snack. Many stores now have an end cap featuring a huge array of gift cards, knowing that some shoppers will be prompted to buy gifts for upcoming events while roaming the store. No matter what kind of business you are in, you have an end cap. For example, next to the loud, obnoxious button on your website advertising the comprehensive school study, you have some precious real estate. What are you selling on your website right next to that button? Is it your hottest, highest profit, easily sale-able product or service? If you are in real estate is their a sharp, inviting, image of your best listing? Grab the clients while they are there to download that school report. You might be surprised at how many clients are craving a salty bag of Doritoes while picking up a prescription!

3. Way, Way, Way out Back: I mentioned earlier, the pharmacy is always located at the point furthest from the front door. There’s something to be said for this. If somebody really, really, really needs something, they will go wherever you tell them to go to get it. The lesson, well, maybe you don’t give that free comprehensive school report as soon as you click on the big button. Maybe it should be a little harder than that. Maybe you should at least have to click through one or two screens that share your product or service, or your favorite listings. Make sure the path is clear. Keep that audaciously loud button about where to download the school report on every screen, but maybe you don’t have to give up the report in one simple click. Just a thought.

You might not have millions of dollars to study the marketing effect of adding a pharmacy to your retail store, nor the wherewithal to actually add one to your business empire. We don’t need more pharmacies anyway. What we do need more of is savvy entrepreneurs who see the forest for the trees. There are other ways to attract clients who need something without traipsing the ill into your business arena.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

Blast Off! My Interview with Allison Maslan

I am extremely grateful for this once in a lifetime opportunity to interview the awe-inspiring Allison Maslan.  She is an amazing entrepreneur who shares with us techniques for high achieving.  Enjoy this 45 minute program.  Put your seat belt on, your business is about to change!

Allison Maslan is the CEO of Allison Maslan International. She was recently named “One of the Top Women Entrepreneurs Who Inspire” by Self Made Magazine. A born entrepreneur and No. 1 Best Selling Author of the book, Blast Off! The Surefire Success Plan to Launch Your Dreams Into Reality, Allison has built ten successful companies from the ground up starting out as a single mom on her own. As president of Blast Off Business and Life Mentoring,she has helped thousands of people transform their lives while launching countless into thriving dream businesses of their own. As a world-renowned homeopath for the past 16 years, Allison’s work embodies a partnership of holistic balance, a zest for success, and the most innovative business strategies you will find anywhere. Her The Pinnacle Mastery Club attracts entrepreneurs from around the globe. Allison has been an expert guest on ABC, CBS, NBC and Fox Stations across the US.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.